TLAW402: Business and Corporations Law – Tom, Dick and Harry Case Study – Essaylink

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TLAW402: Business and Corporations Law – Tom, Dick and Harry Case Study: Assignment Task:

Answer All of the following questions under Part A 

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The following 10 questions are worth 7 marks each [70 marks]

  1. Tom, Dick and Harry run a successful partnership conducting a retail business. They wish to adopt a new business structure which offers them limited liability, the ability to manage the business and they also wish to keep their business affairs private. 

Explain what type of business structure should Tom, Dick and Harry adopt and the formalities that will be required.

Type your answer here:

  1. Assume Tom, Dick and Harry are appointed directors of the company, Masks R Us Pty Ltd. The company needs a ware-house to keep its stock.  During the process of incorporation, all three of them sold the property they co-owned to the company for $1 million.  That property, which the company now uses as a ware-house, had a market value of $500,000.  

Explain whether Tom, Dick and Harry have breached any duties under the Corporations Act 2001 (Cth)?  Use a relevant precedent to support your answer. 

Type your answer here:

  1. Assume that the corporate constitution of Masks R Us Pty Ltd authorises the directors to purchase up to $50,000 of stock per month.  Last month, Tom purchased company stock for the month to the value of $100,000 – twice the usual purchase amount.  When the invoice arrived at the company, the chief financial officer refused to pay the supplier or allow the company to take delivery of the stock.  

Explain who is liable for payment of the $100,000 invoice? Use a relevant precedent to support your answer.

Type your answer here:

  1. The directors of Masks R Us Pty Ltd wish to expand the business and raise funds.  Advise whether the company can issue a disclosure document to the public and raise funds?  If not, explain why not with reference to the Corporations Act.

Type your answer here:

  1. The three directors of Masks R Us Pty Ltd, successfully negotiate a contract worth $150, 000, on behalf of the company, to supply masks to a large retail chain of stores.  Tom and Dick then incorporate a new company, Masks Suppliers Pty Ltd, and cause the new company to perform the supply contact.  Harry is unhappy about this development and contacts ASIC.

Advise ASIC of its options under the Corporations Act and the legal consequences of those options.

Type your answer here:

  1. Masks R Us Pty Ltd is now trading unprofitably as a result of the actions of Tom and Dick stated above (in question 5). The company now has difficulty in paying its debts and is falling behind in its tax payments to the Australian Taxation Office.  

Harry, as a director of Masks R Us Pty Ltd, is concerned about the increasing company debts and the difficulties in the company’s cash flow to make timely payments.  

You are an accountant.  Harry consults you for advice on whether he can be personally liable, in these circumstances, for the company’s debts under the Corporations Act.

Advise Harry with reasons for the advice given.

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